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September 23, 2020

RCom committee of creditors reject Anil Ambani’s resignation

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  • Under the insolvency process, selling the assets of RCom is underway
  • Lenders of the company had submitted claims of arrears of Rs 49000 crore.

Reliance Communications (R.Com) lenders rejected the resignations of Anil Ambani and four other directors at a November 20 meeting. We have asked them to cooperate with the resolution professional in the insolvency process. RCom gave this information on Sunday. Apart from Ambani, Chhaya Virani, Rayna Karani, Manjari Kakar, and Suresh Rangachar had offered resignation in the past.

RCom is under the control of resolution professional Anish Niranjan Nanavati because of being in the insolvency process. They appointed him in June by the National Company Law Tribunal under the Insolvency and Bannerspy Code (IBC). Sweden’s telecom equipment company Ericsson filed a bankruptcy petition against RCom last year. RCom had taken a stay from the Appellate Tribunal. However, this year itself decided to go into the insolvency process.

RCom reported a loss of Rs 30,142 crore in the July-September quarter.

Lenders have claimed Rs 49,000 crore as arrears on RCom. Selling the assets of the company is under the supervision of a resolution professional to repay the debt. RCom reported a loss of Rs 30,142 crore in the July-September quarter. This is the second major quarterly loss of an Indian company. Following the Supreme Court’s decision in the Adjusted Gross Revenue case, RCom suffered so much because of provisioning Rs 28,314 crore towards arrears of licenses and spectrum fees.

Anil Ambani was once among the world’s top-10 rich

Anil Ambani was once among the top 10 rich in the world, but now his company RCom is going bankrupt. RCom came to share Anil’s share in business sharing in 2005 due to a dispute with elder brother Mukesh Ambani. Two years ago Mukesh Ambani entered the telecom business through Jio. Jio’s free calls and cheap data created problems for the rest of the companies. RCom could not survive the competition. Bharti Airtel and Vodafone-Idea are also struggling.

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